Here are a few reasons why people apply payday loan by phone and not online. Some reasons are genuine and some unnecessary fear.
While asking some of our phone applicants why they chose to apply by phone and not online we got some interesting answers. Please note that right now we have stopped offering payday loans by phone as the cost of running the call center was far exceeding the profits our lenders generated by those applicants. We do have plans to offer loans by phone in the near future but as you can understand we will again have to take the business expenditure into consideration.
We have experienced that many people are not comfortable applying a payday loan online. This may be due to a lot of reasons. Our lenders found some reasons and the most common reasons are:
1. Not comfortable writing their personal details online. More than 60% told us that they were not comfortable applying online as they feared data theft. Unfortunately personal details like social security number, bank account number etc are required to help customers get a loan. Without this information any short term lender may not be able to offer a loan.
The fact: Reality is that most reputed online lenders will never resort to phishing. For one or few clients they don’t want their online reputation to be jeopardized and business to be affected. Their business is more important than their customer’s personal details. They either offer a loan or reject. Your data is safe with them. So the fear that data may be stolen online is unnecessary. Moreover now days most payday loan sites are secured. They will be starting with the URL HTTPS:// which means it is a secured site. Data theft online is virtually impossible in a secured site. Data is encrypted and sent across wires and decrypted once they reach the servers of the loan website.
Our loan application here will convert to HTTPS once you press the apply button. Our lenders are highly reputed and adhere to OLA responsible lending policies. What will they do with your data except offering you a loan?
A word of caution: Though the reputed lenders won’t resort to phishing, it cannot be ruled out that there are some bad lenders who are there just to get your personal information. These bad lenders also bring bad name to the payday loan business. We hate them too.
So how do you trust an online lender? Make sure that they are members of a recognized organization. For example all our lenders are members of OLA (Online Lenders Alliance) they have certain code of conduct for the member lenders. All lenders need to follow these laws else action will be taken. In the US almost every reputed payday loan company is a member of OLA.
If you are applying a loan online on a website that is a registered member of OLA you need not worry. Your data is safe.
2. Not comfortable applying online while in office. Almost 20% said they were not comfortable applying payday loan from their office computers. They said they are not comfortable writing the application sitting in the office, as people (their office colleagues) would come to know, so they better call.
The fact: There is no shame in applying for a payday loan. No one is bothered with your finances or how you handle them. Your finance is your business not theirs. We all need cash and sometimes we don’t have it. What is wrong in it? There is nothing wrong in applying for a loan if you need cash. Most governments run on loans. Why be ashamed?
Yes if your job is at risk than it is a different matter. If your boss does not want your office computer to be used for personal matters than you are better off calling by phone to apply. Your job is more important. Save it.
3. No internet connection. 10% said they were writing the application when they lost the internet connection. This is something that nobody has control of. Payday loans are usually required urgently so it’s perfectly ok to apply by phone if you don’t have internet connection or your comp got disconnected.
4. Other reasons: There were many other reasons why people applied by phone: “I hate typing”, “I did not understand what they were asking online so I called”, “my keyboard stopped working”, “my comp crashed”, “someone said its better to apply by phone”, “I am bad at typing”, etc.
We wrote this article to help people understand that it really does not matter if you apply online or by phone. If you have a job, an average credit, and good past history with payday loans, it is likely that you will get a loan. You apply online or by phone – the choice is yours.
Thank you for visiting our website. Hope we helped you get a loan.